In order to provide a consistently better customer experience, Schiwitz will manage Basware's digital transformation initiatives, while Ruokonen will further develop AI technology inside the company's product and service offering.

According to McKinsey, generative AI has the potential to provide up to $4.4 trillion in revenue across all industries. The two main goals of Basware's AI strategy are improving customer satisfaction and growing its lead in innovation within its product line.

Through its SmartPDF solution, which eliminates the need for antiquated manual procedures and automates the conversion of machine-readable PDFs to e-invoices with over 97% accuracy, the company is already utilizing AI. Additionally, Basware and Microsoft collaborated last year to reveal ChatGPT's integration with AskMary, the company's customer service platform.

As the head of Basware's AI development, Ruokonen will direct the company's strategy, research, and approach to AI. He will also oversee the use of AI technology to optimize Basware's product offering and improve business operations as a whole. He was the Chief Product Officer at Fluentic, an AI startup, before joining.

Ruokonen will work in Basware's Products, Cloud Engineering & Operations (PCE&O) division and have his base in Helsinki, Finland.

"Basware's commitment to leveraging AI in transforming business operations is exciting," stated Anssi Ruokonen, Director of AI Research and Enablement at Basware. "I'm fascinated by AI's potential to revolutionize industries." Because of Basware's position, we can use AI in every facet of our business, which increases the value of our customers. AI frees up human brain to concentrate on creativity and strategic thinking by automating repetitive chores. The democratization of AI entails giving each team member new skills in addition to relieving current workloads.

Developing and integrating AI technologies to bring benefits across the invoice processing cycle, including invoice collection, data extraction, and PO (purchase order) matching, makes Basware a global leader in AP automation. Basware further automates the coding of bills without a purchase order (PO) with SmartCoding. By establishing criteria for non-PO bills, SmartCoding employs AI to automatically code and transmit invoices along the workflow based on a supplier's invoice history. Further utilizing AI, Basware Insights has been able to detect the possibility of late invoice payments, seize early payment discounts, and examine trends in transaction data to assist in cash flow prediction.

In the interim, Barrett Schiwitz will lead Basware's digital transformation initiatives as Chief Information Officer (CIO), which will include managing the company's internal digital transformation and technology advancements to improve customer service. The project will entirely redesign Basware's data and systems for every department, beginning with those that interact with customers. Significant investments in new systems and training to enable employees to provide greater value to clients will underpin this drive.

Schiwitz will bolster Basware's technology team as part of the company's overall digital strategy. Schiwitz has over thirty years of expertise in the technology sector as a transformation leader, implementer, and software developer. Schiwitz was SVP of Integration and Business Transformation at Snap One, a tech company, before joining Basware.

Schiwitz, who will report to CEO Jason Kurtz, will be a member of the executive team and based in Atlanta, Georgia.

"Technology plays a central role in any successful business, from finance functions to sales and marketing," stated Barrett Schiwitz, Chief Information Officer of Basware. "What set Basware apart from the competition was its emphasis on innovation with products and services that make a difference." I'm thrilled to join the team and use my background to drive the company's digital transformation strategy, which will improve customer and employee access to technology.